When to Cut Out of a Great Deal (CFFL 453)
Jack Butala: Jack Butala with Jill DeWit.
Jill DeWit: Hello there.
Jack Butala: Welcome to our show today, in this episode Jill and I talk about when to cut out of a great deal. When is it just too much? Just not worth it? The money you're making on the deal is not worth the stuff you're going through.
Jill DeWit: That just made me think of something funny, I'll tell you in a minute.
Jack Butala: I know what you're thinking about. Don't steal my thunder.
Jill DeWit: Okay.
Jack Butala: Before we get into it let's take a question posted by one of our members on landinvestors.com online community it's free.
Jill DeWit: All right. Jermane asked "I have just gotten a property under contract,"
Jack Butala: Yeah.
Jill DeWit: "And I'm looking to close on it next week, I just had a buyer go out and view it and he found two grave sites".
Jack Butala: Yeah.
Jill DeWit: Oh that's hilarious.
Jack Butala: I've done this.
Jill DeWit: This is really funny.
Jack Butala: I bought a cemetery on accident like this.
Jill DeWit: That's funny.
"The property is 10.93 acres, and the grave spot is small and only takes up a very tiny portion of the land. Have you ever come across something like this? Does it affect the market ability and sale of the property?"
Jack Butala: Oh yeah.
Jill DeWit: Well it depends on who you're selling it to.
Jack Butala: I wonder if they're legal graves first of all.
Jill DeWit: Yeah.
Jack Butala: This is no laughing matter.
Jill DeWit: Is this an Italian mafia?
Jack Butala: Yeah
Jill DeWit: Thing going on? Is this native american land? I mean you've got to be careful about some of this stuff.
Jack Butala: Do you think he bought it? Oh its under contract.
Jill DeWit: So a buyer went out to look at it.
Jack Butala: You know, I honestly hate to call the police for any reason. Truly that's just a personal thing, but ...
Jill DeWit: Yeah.
Jack Butala: That might be appropriate.
Jill DeWit: I think that it's probably, I would ... Well number one, how old are these grave sites? Is it like wild west days and they're rocks and a stick?
Jack Butala: Or is it a joke? Or is it real?
Jill DeWit: I know.
Jack Butala: There's no way to really find an answer to these questions in this format.
Jill DeWit: That's very very interesting.
Jack Butala: Yeah, that's something to be very concerned about. The cemetery that I bought on accident, I donated to the city. It was a part of a lot, a huge deal and I didn't do the due diligence that I should have on that deal.
Jill DeWit: I have a question, well here's one thought too, I don't know if this is possible. Okay, it's almost 11 acres, what if these grave sites are in one corner portion of it, could I theoretically rewrite the description and get the county involved and take that piece out of the property, and like you just said and then donate it to the proper authorities or you know a church.
Jack Butala: A non-profit group that doesn't have to pay real estate taxes on ...